The offering has a two-year term and can go up to 70% of net value, with a rate of around 0.55% per month.

Justin Faiz, co-founder and partner at Pluto Finance (pictured above), explained that the longer-term product was “cheaper” and could go up to a higher leverage, during an exclusive interview with Bridging & Commercial.

“We have just launched a broadened bridge offering, which is [our] big news for this autumn.

“…We can do a standard two-year term — which is a new thing for us — and can go up to 70% of net value, not including our interest accrual.

“So that, with our interest accrual over a year, goes up to about 77% to asset value. 

“We'll do all of that from a rate of about 0.55% a month.

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“We've spent a lot of time kind of plumbing in our fund system to be able to deliver that product and we're just launching it now.”

Recently, Pluto revealed it had completed more than £110m of bridging and development lending during the summer months of July and August.

This month, the lender recruited Simon Chapman from Lendco, as its lending director.

Justin added that Pluto was currently witnessing a number of repeat long-term borrowers.

“…We're seeing repeat long-term borrowers of ours being able to buy sites and investment property at prices that work for them and move that forward — even in today's climate.

“In fact, especially in today's climate, and I think actually we've seen more activity this half of the year than we did at the start, because I think a bunch of sellers have got more reasonable expectations.”